I am in broad agreement with Jim on the characterisation of
LTVs. I also think that there is no conflict between what he
calls the sociological theory of value and the stochastic one.
Because the LTV is statistically a good approximation of reality,
it means that the relationship between the worker and employer
in an individual enterprise models the relationship between
labour and capital in general and you can explain laws which
hold good at the level of society as a whole by examining
the labour process in the individual factory. Obviously it is only
some of the laws which can be modeled at the level of the
individual enterprise, but when it comes to explaining the
preconditions of profits they are the most important ones.
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Paul Cockshott , WPS, PO Box 1125, Glasgow, G44 5UF
Phone: 041 637 2927 [EMAIL PROTECTED]
[EMAIL PROTECTED]
